A new fintech company which I was introduced to previously this year. Currensea Physical Card Free…
It has won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to obtain, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
add a growing number of features which your existing customers don’t really want or require
include costs, limitations or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Physical Card Free
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic spend notification by means of the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a fantastic app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. That does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Physical Card Free